Malaysia’s prime minister recently announced that the government will study policies to regulate the digital finance sector to improve the country’s outdated financial system, following meetings with the leaders of the United Arab Emirates (UAE) and Changpeng Zhao, the founder of crypto exchange Binance.
Prime Minister Discusses Crypto Regulations With Governments of Czech Republic and UAE
The new times of the strait reported that the Malaysian government is considering a crypto policy to establish a clear regulatory framework in the country and “eventually see cryptocurrency and blockchain technology recognized in the country”.
Malaysian Prime Minister Datuk Seri Anwar Ibrahim revealed that he discussed how to advance crypto regulation with Binance founder Changpeng “CZ” Zhao and the Abu Dhabi government during his three-day official visit to the capital of the United Arab Emirates.
We talked about digital transformation, data centers and artificial intelligence (AI). Today we are faced with demands that force us to think about significant changes. I had long discussions with the leaders of Abu Dhabi and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance.
Anwar revealed that he had proposed that Malaysian agencies, including the Securities Commission, Treasury and Bank Negara Malaysia, study how the country can explore the industry and its regulations so that the Malaysian market is not “left behind » but can “protect the interests of the people”. interests and avoid leaks.
He noted that the rapid evolution of the sector required that the country move away from its “old financial system” just as quickly. Malaysia’s prime minister called the new approach “a radical departure from the old ways.”
Malaysian government to follow UAE lead
For Anwar, the country cannot “sit back and wait”, believing that the innovation of the crypto industry is “just like AI, which would reorganize the financial world”. He argues that Malaysia should not “be subsequently forced” to adapt and adopt cryptocurrencies when other countries have already done so, citing the United Arab Emirates as an example.
The prime ministers reportedly said that as leaders in this field, the UAE leadership considered that it could establish close cooperation with Malaysian authorities in formulating crypto regulations.
Anwar explained that Malaysia would not start its crypto policy from scratch, as the government would rely on the experiences of other countries like the UAE and Binance. “We need to discuss it in detail, leave the old economic model aside and make sense of this digital finance policy,” he added.
According to the report, he also hopes the country will be more open to innovation and wants to speed up the approval process.
However, he stressed that crypto policy would require in-depth studies by agencies in the country to address possible concerns and risks. He explained that agencies must develop their skills, staff must be trained and financial actors must participate.
What is relevant is that we have excellent relations with the UAE. We told them we would move forward on this issue provided we worked in partnership to ensure things were on the right track.
The Prime Minister concluded that a document would soon be drafted and presented to the cabinet for approval.
Bitcoin trades at $98,488 in the one-week chart. Source: BTCUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
